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The US, Japan, Australia and India have unveiled a $20 billion framework to strengthen critical minerals supplies as Washington continues to seek ways to loosen China’s stronghold.

The four Quad partners said they intend to raise up to $20 billion in public and private sector support to boost critical minerals supply chains that includes mining, processing and recycling by identifying projects in member countries.

“Through the Quad Critical Minerals Initiative, Quad partners intend to work together to use economic policy tools and co-ordinated investment to accelerate the development of diversified and fair critical mineral markets. and support the supply of critical minerals that are crucial to our region’s economic growth and security,” the members said in a statement.e 

Monday’s announcement followed US Secretary of State Marco Rubio’s visit to India, where he and Quad foreign ministers also announced initiatives to strengthen maritime and transnational security, emerging technology and humanitarian assistance.

Under the critical minerals agreement, the Quad partners said they would support strategic projects through export credit agencies, private capital, development financial institutions, and explore new ways to raise private capital in the critical minerals space.

Critical minerals are used to produce advanced technology, defence systems, electric vehicles and other technologies in the clean energy transition.

Read more at: The National News